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Pre-market futures to kick off a new week are back in the green, following the worst trading week among major indices since March of this year. The entire month of August has so far deflated much of the advanced gains made earlier in the summer, which itself followed a very strong 2023-to-date after a previous year with plenty of headwinds. Currently, the Dow is +37 points, the S&P 500 is +11 and the Nasdaq +65 points — though both the Dow and Nasdaq had been over +100 points earlier in pre-market trading.
Economic indicators are slow out of the gate for this week — nothing big is on the schedule for today, either ahead of the opening bell or as of the close — but this will pick up somewhat as the days move along: New and Existing Home Sales, and Durable Goods Orders for July, S&P PMI Manufacturing and Services and University of Michigan Consumer Sentiment for August among them. The Economic Symposium at Jackson Hole, WY takes place Thursday and Friday, which will give us sort of a proxy look at the Fed’s decision-making process, a month ahead of their next meeting on monetary policy.
After the closing bell today we’ll get Q2 results from Zoom Video (ZM - Free Report) , which is expected to come in flat on earnings year over year while post a slight beat on quarterly revenues. This week also brings us earnings from retailers across a wide spectrum, from Macy’s (M - Free Report) , Nordstrom (JWN - Free Report) and Williams-Sonoma (WSM - Free Report) to Dick’s Sporting Goods (DKS - Free Report) and Dollar Tree (DLTR - Free Report) . The marquee earnings name this week will likely be “Magnificent 7” leader NVIDIA (NVDA - Free Report) , which enters this trading week with a Zacks Rank #1 (Strong Buy) but a Value-Growth-Momentum score of F.
In any case, the S&P and Nasdaq both look as if they will snap their five-month winning streaks this August, which ends a week from Thursday. That gives us nine sessions, including today, to make up lots of lost ground. But even if we continue to languish at or near summer lows for the next couple weeks, we likely will be looking at decent, if not great, valuations for companies on the S&P 500 post-Labor Day.
Image: Bigstock
Pre-Market Futures Green to Start a New Week
Pre-market futures to kick off a new week are back in the green, following the worst trading week among major indices since March of this year. The entire month of August has so far deflated much of the advanced gains made earlier in the summer, which itself followed a very strong 2023-to-date after a previous year with plenty of headwinds. Currently, the Dow is +37 points, the S&P 500 is +11 and the Nasdaq +65 points — though both the Dow and Nasdaq had been over +100 points earlier in pre-market trading.
Economic indicators are slow out of the gate for this week — nothing big is on the schedule for today, either ahead of the opening bell or as of the close — but this will pick up somewhat as the days move along: New and Existing Home Sales, and Durable Goods Orders for July, S&P PMI Manufacturing and Services and University of Michigan Consumer Sentiment for August among them. The Economic Symposium at Jackson Hole, WY takes place Thursday and Friday, which will give us sort of a proxy look at the Fed’s decision-making process, a month ahead of their next meeting on monetary policy.
After the closing bell today we’ll get Q2 results from Zoom Video (ZM - Free Report) , which is expected to come in flat on earnings year over year while post a slight beat on quarterly revenues. This week also brings us earnings from retailers across a wide spectrum, from Macy’s (M - Free Report) , Nordstrom (JWN - Free Report) and Williams-Sonoma (WSM - Free Report) to Dick’s Sporting Goods (DKS - Free Report) and Dollar Tree (DLTR - Free Report) . The marquee earnings name this week will likely be “Magnificent 7” leader NVIDIA (NVDA - Free Report) , which enters this trading week with a Zacks Rank #1 (Strong Buy) but a Value-Growth-Momentum score of F.
In any case, the S&P and Nasdaq both look as if they will snap their five-month winning streaks this August, which ends a week from Thursday. That gives us nine sessions, including today, to make up lots of lost ground. But even if we continue to languish at or near summer lows for the next couple weeks, we likely will be looking at decent, if not great, valuations for companies on the S&P 500 post-Labor Day.
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